Axis Magnus Magnus, Reserve & Other Axis Bank Credit Cards | Devaluation w.e.f. 1st Sep 2023.

[bugmenot]

-- Edited Post --

Final Update

Official PDFs are now out
Magnus - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mgtc.pdf

Reserve - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/rstc.pdf

Revision of Axis Bank Miles/Rewards Transfer Program - https://www.axisbank.com/docs/defau...les-rewards-transfer-terms-and-conditions.pdf

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Update: 2nd August

MyZone - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/mztc.pdf
Privilege - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/pvtc.pdf
Select - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/sltc.pdf
Ace - https://www.axisbank.com/docs/default-source/default-document-library/credit-cards/actc.pdf

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Magnus devaluation highlights

1. Revision in welcome benefits, which are more or less matching with the leaked screenshots
2. Change in annual fee - ₹12,500 + GST
3. No more renewal benefit
4. Spend criteria for fee waiver is now double - 25L
5. Exclusion of government institutions and utilities MCCs for earning ERs
6. RIP 25,000ER/1L milestone benefit
7. Revised transfer ratio of 5:2
8. 5L ER points cap for transfer
9. Burgundy account scheme

Reserve devaluation highlights

1. Spend criteria for fee waiver is revised to 35L
2. Exclusion of government institutions and utilities MCCs for earning ERs
3. Revised transfer ratio of 5:2
4. 5L ER points cap for transfer
5. Burgundy private account scheme

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Aap Chronology Samajiye

• 📄 Few leaked screenshots of PDF started floating for Magnus and Reserve having potential devaulation
• 🐦Few folks on Twitter acknowledged the upcoming devaulation by contacting their RMs or insiders from CC department
• 🎧 Customer Care team were like "Whot Daa Phaak" is going on. They were unaware about these news, some were saying yes and some no
• 😡 Outrage | Speculation | Twitter Space | Points Transfer Tricks
• ✋ Then rumour mills started about devaulation being on hold
• 🔗 Official links of devaulation PDF started popping but "Darling of Cards" was missing
• 🔌 Axis pulled the plug and links started showing "404 - Not Found" except for unlucky Flipkart card
• 💣 BOMB - Axis Gift Edge devaulation
• 📩 Mass credit card cancellation and notice seeking clarification regarding commercial transactions
• 📉 Official PDF of Magnus and Reserve released
• 📉 Official PDF of MyZone, Privilege, Select and Ace released

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1. Flipkart - https://axisbank.com/docs/default-s...flipkart-credit-card-terms-and-conditions.pdf

Below given links are not opening now as they have been removed. You may check attached PDFs.

2. Reserve - https://axisbank.com/docs/default-s...-reserve-credit-card-terms-and-conditions.pdf
3. Select - https://axisbank.com/docs/default-s...k-select-credit-card-terms-and-conditions.pdf
4. Privilege - https://axisbank.com/docs/default-s...rivilege-credit-card-terms-and-conditions.pdf
5. MyZone - https://www.axisbank.com/docs/defau...-my-zone-credit-card-terms-and-conditions.pdf

By following the format, it is quite easy to create Magnus link, which could be https://axisbank.com/docs/default-source/default-document-library/credit-cards/axis-bank-magnus-credit-card-terms-and-conditions.pdf

 

[chowdaryking]

I am planning to purchase a Car worth 8 lakh with my Magnus card... How many reward points should I expect from the transaction?
I have to negotiate the 2% he is charging me for the credit card transaction.

Is it a good decision?

Y r u paying 2% extra, as per RBI they shouldn’t charge u extra for using card. Ask him to show him in bill that he is charging extra 2% for card usages . He will deny bcos if he gives and u raise a complaint at RBI that showroom’s all card mechanics will be blocked for ever on his business name and no new mechanism will be issued for him on the same business name.

 

[drsel]

Y r u paying 2% extra, as per RBI they shouldn’t charge u extra for using card. Ask him to show him in bill that he is charging extra 2% for card usages . He will deny bcos if he gives and u raise a complaint at RBI that showroom’s all card mechanics will be blocked for ever on his business name and no new mechanism will be issued for him on the same business name.

Correct, also they earn at least 10% commission on selling a new car.
An expensive car is a BIG LIABILITY and also fast depreciating, guaranteed minimum 50% loss every 3 years.

No point trying to earn 2--4% on a credit card and throwing away lacs on depreciation, dealers commission, repair and maintenance, servicing, insurance, fuel, road tax, govt taxes, parking charges, etc

 

[rohitb]

Correct, also they earn at least 10% commission on selling a new car.
An expensive car is a BIG LIABILITY and also fast depreciating, guaranteed minimum 50% loss every 3 years.

No point trying to earn 2--4% on a credit card and throwing away lacs on depreciation, dealers commission, repair and maintenance, servicing, insurance, fuel, road tax, govt taxes, parking charges, etc

TheY never said they are buying car for just points. Let people enjoy, buddy.

 

[rohitb]

Anyone has any update when Axis would fix 20:1 bug for Magnus if you have multiple cards? Are they even aware and fixing it?

10:1 and 5:1 to dekha tha. Yes 20:1 kab aaya market main.

 

[rohitb]

Traveledge usually is 2-5% higher and sometimes the price would be similar to kayak.com and airline website.

It also depends on airline and travel date.

Some flight rates are high, most(domestic) i found to be same price with some nominal difference.

 

[Swap24]

Correct, also they earn at least 10% commission on selling a new car.
An expensive car is a BIG LIABILITY and also fast depreciating, guaranteed minimum 50% loss every 3 years.

No point trying to earn 2--4% on a credit card and throwing away lacs on depreciation, dealers commission, repair and maintenance, servicing, insurance, fuel, road tax, govt taxes, parking charges, etc

I am planning to buy it for my parents and just want to enjoy the benefits that will come with reward points... I am not asking if buying a car is a good decision ... its buying a car with a credit card is a good decision or not.

 

[R!ppEr]

I am planning to buy it for my parents and just want to enjoy the benefits that will come with reward points... I am not asking if buying a car is a good decision ... its buying a car with a credit card is a good decision or not.

go ahead if they arent charging you extra for using the card

 

[realSP]

I have not received any points for all my spends on Axis Magnus in September

not only for magnus, even for atlas i didnt received any miles.

 

[UKJ]

We have to make government payments (taxes, property tax, etc.) of about 10 lacs over a year between all members of the family. Now that Magnus does not give points on government spends anymore, which would be a good card to get benefits for these payments?

 

[UKJ]

Has anyone evaluated the Magnus vs Atlas recently post devaluation? It looks to me that Atlas has far higher return as compared to Magnus even with the Burgundy option. Could I be wrong? This was calculated for an annual spend of 15 lacs.

 

[ash_13]

We have to make government payments (taxes, property tax, etc.) of about 10 lacs over a year between all members of the family. Now that Magnus does not give points on government spends anymore, which would be a good card to get benefits for these payments?

SC Ultimate gives 2%.

 

[Deleted member 9785]

I am planning to buy it for my parents and just want to enjoy the benefits that will come with reward points... I am not asking if buying a car is a good decision ... its buying a car with a credit card is a good decision or not.

check out ackodrive for prices before going ahead https://ackodrive.com/

I got around 7-8% discount vs dealer

 

[drsel]

Some flight rates are high, most(domestic) i found to be same price with some nominal difference.

I would like to know the % difference (for economy seats) between Traveledge and kayak.com /Airline for international fares to Singapore Dubai, etc

 

[drsel]

SC Ultimate gives 2%.

2% in the form of vouchers ( not Amazon pay, not Flipkart) which you can get at nearly 10% discount.
Also factor in the 5900 annual fee and 118 redemption fee.

 

[drsel]

I am planning to buy it for my parents and just want to enjoy the benefits that will come with reward points... I am not asking if buying a car is a good decision ... its buying a car with a credit card is a good decision or not.

Definitely !
buying anything with a credit card is a good decision provided the profit is more than the 2 percent you have to pay illegally.
Because by law and according to the legally binding members agreement with Visa and MasterCard, a merchant cannot pass on any charges to the customer.

 

[drsel]

Has anyone evaluated the Magnus vs Atlas recently post devaluation? It looks to me that Atlas has far higher return as compared to Magnus even with the Burgundy option. Could I be wrong? This was calculated for an annual spend of 15 lacs.

Offline Atlas gives 4% value whereas Burgundy Magnus is 4.8% value at 5:4 ratio.

For airline tickets, Burgundy Magnus gives 24% value if you buy on Traveledge (60 points per 200, 5:4 ratio) but you need to pay 5 to 7% more.

Atlas gives 10% on direct airline website, this is useful when Traveledge fare is much more than the direct airline website.

For hotels, Cleartrip give 35% off with Kotak and other cards., (But they charge a small convenience fee)
I don't think even Burgundy Magnus can beat that, never mind Atlas

 

[drsel]

Axis is doing to the credit card world what Jio did to other telecom players when it offered unlimited free phone calls and unlimited free internet data for 9 months in a row!

Now I am getting Bank of baroda's best card Bob Eterna with 3.75% cashback on travel and international spends, but I'm not even interested

 

[unwind]

I am planning to buy it for my parents and just want to enjoy the benefits that will come with reward points... I am not asking if buying a car is a good decision ... its buying a car with a credit card is a good decision or not.

There is nothing to think about IMHO. It is exactly these kind of expenditures for which Magnus makes sense now. Ideally you should try and not pay the extra fee. But I understand practically at times it's difficult to execute.

You will get 12 ER/200 till 1.5 lakhs(9000 ERs) and 35/200 for the remaining 6.5 lakhs(1,13,750 ERs). That's 1,22,750 ERs. Assuming you are not burgundy that's 49,000 Airline/Hotel miles. Now back calculate how much extra you have to pay if at all and see that its a no-brainer to buy it on Magnus card.

To top it all, if you can spend more money on the card in the same month it will all earn 7% reward rate(as long as it is normal spend and not on accelerated reward category). So would the extra charge that Dealer is asking you to pay!

Actually it may make sense to go for Burgundy for a while just to convert these points at 5:4. Though Axis has yet to come out and confirm the details of that.

And if you are not comfortable with the Magnus's current situation and have Vistara cards, split up the expense and buy on Vistara cards so as to max the tickets and points equation. They also easily give 6-10% value depending upon the card and the value you ascribe to the free ticket voucher

 

[mastfun]

Well, finally, I went to the bank to open a burgundy account. They told me that AXIS is sponsoring LTF Magnus to Burgundy and that it will be a different card. They asked me to close this card and get the new card, which will be offered LTF to all Burgundy account holders.

 

[drsel]

Well, finally, I went to the bank to open a burgundy account. They told me that AXIS is sponsoring LTF Magnus to Burgundy and that it will be a different card. They asked me to close this card and get the new card, which will be offered LTF to all Burgundy account holders.

This is excellent, but until you get a new burgundy Magnus card please don't close your existing Magnus card.

Axis bank should automatically exchange your old Magnus for the new Burgundy Magnus, without you having to do anything.